Senate Banking Committee chair wants to combine stablecoin bill to boost chance of passage
A bill in the House of Representatives aimed at providing guardrails for stablecoins has not moved forward since July 2023.
Sherrod Brown, chair of the United States Senate Banking Committee, has reportedly revealed plans to advance a significant stablecoin bill by combining it with legislation related to marijuana businesses and clawing back compensation for bankers.
According to an April 16 Bloomberg report, Senator Brown said he was open to passing stablecoin legislation in Congress as one of his goals, provided his concerns were addressed. The U.S. lawmaker’s reported plans included placing the stablecoin bill in a package with legislation authorizing banks to conduct business with firms selling marijuana and clawbacks for executives of failed financial institutions.
Lawmakers in both the U.S. House of Representatives and Senate have largely failed to advance bills to address regulatory concerns around stablecoins despite support from many in Congress and industry leaders. In February, House Financial Services Committee Ranking Member Maxine Waters said Democrats and Republicans were “very close” to a compromise on a stablecoin bill. In the Senate, a bipartisan group headed by Republican Cynthia Lummis and Democrat Kirsten Gillibrand have spearheaded similar legislation efforts.
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Author: Turner Wright
